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– Unfazed by Venezuela-Guyana territorial dispute since Exxon Mobil’s significant findBy Kiana Wilburg Canadian oil and gas company, CGX Energy Inc. announced on Friday that it has received an extension to its work commitments in the Corentyne Block in offshore Guyana of which it owns 100 percent.CGX Co-Chairman, Suresh Narine, Co-Chairman of the CompanyThis was revealed by Professor Suresh Narine, Co-Chairman of the Company.According to Dr. Narine, on Thursday, the company received approval to extend its spud (making the initial drilling for an oil well) deadlines on the Corentyne Block from October 31, 2015 to July 31, 2016 and an extension to the spud date deadline on the second commitment well from November 27,Supply NFL Jerseys, 2016 to November 27, 2017.These extensions Dr. Narine said, were granted to allow the Company to determine how best to explore the acreage, given recent positive developments in the basin related to the discovery of hydrocarbons.He said, too,Cheap Jerseys China, that the company which holds two other blocks in Demerara and Berbice intends to drill another well in the Corentyne block.The scientist said that these extensions were requested because the Guyana – Suriname basin, deemed a “frontier basin” is an area where very few wells were drilled.He said, “Every time we drill a well offshore Guyana we are able to calibrate the seismic surveys to the benefit of ourselves and other operators.”In essence, Dr. Narine said that it allows CGX and other explorers to “look through the glass” a little less darkly.As regards the recent oil find by American company, ExxonMobil-in the Stabroek Block, the CGX Co-Chairman said that this is nothing but good news for his entity.He said, “We are very encouraged by the recent discovery by ExxonMobil on the Stabroek Block located approximately 120 miles offshore Guyana and immediately adjacent to the Corentyne Block. CGX Energy, being one of the longstanding operators in the basin, is delighted to affirm its continued commitment to Guyana and to exploration of the Guyana-Suriname Basin. This is an exciting time for Guyana and the Guyanese people.”While noting that CGX only operates in Guyana, he said that ExxonMobil has drilled the very same prospects that the Canadian firm has developed over the years.“In fact, we have been a proponent of the turronean geological play in Guyana alone for a long time. Both companies are targeting the same geological prospects. And so having Exxon prove what we have always said was a giant target is very exciting for us and the extension will allow us to take advantage of the learning that has taken place in the last year in the basin.”“It will allow us to fine-tune our well. We believe that it is the right thing to do because one of these wells can cost $150M, so when you plan for a shot on goal with something like that you want to ensure you have your best strategy deployed and that is why we are doing it,” Dr. Narine said.The scientist added “The second extension was requested because if we drill in July 2016 and a well takes between four to six months to properly drill, that will push us up against the November deadline of the second well requirement.”“When we hit in the first well, we will require a significant amount of time to assess the nature of the commerciality of the find and that will dictate how our next design is made. CGX views its activities in the basin as a clear partnership between government and the people of Guyana and so we attempt always to make joint decisions with government to ensure that we are positioning ourselves in the best possible way for the best possible results.”He said, too, “We are unfazed about some of the noise that has been going on lately.”Dr. Narine said that the company does not view the border claims from Venezuela to Guyana to be a matter of concern since Exxon Mobil’s find does not have a material impact on CGX’s acreage offshore Guyana.Dr. Narine then extended sincere and hearty congratulations to Exxon Mobil and its partners in their venture.“From a purely CGX perspective, this is indeed great news, given the proximity of Exxon Mobil’s Liza-1 well to our two offshore blocks (Corentyne and Demerara).  Our next planned well on our Corentyne basin targets and has always targeted, even before the Exxon discovery,Wholesale Jerseys China, similar geological objectives as did the Liza-1 well.”He added,Cheap Jerseys, “This discovery will now allow CGX and other companies in the basin to better calibrate their exploration efforts, and to a great extent reduces the exploration risk in the basin. This all will result in increased chances of other companies also finding hydrocarbons in their own acreages, and will result in increased exploration activity in the basin.  Overall, increase in exploration activity is good for the growth of the Guyana economy.”The scientist said that the Corentyne Block and the area where CGX expects to drill its next well is completely unencumbered and the company envisions no reason which will affect its exploration commitments in all its licenses in Guyana.Additionally, Dewi Jones, Chief Executive Officer of the Company, said that the extension on their work commitments allow the Company to technically weigh how best to proceed with their drilling campaign.His comments which were read to the media by Dr. Narine on his behalf continued,Cheap Nike NFL Jerseys, “We are currently investigating joint ventures to drill the next exploration well, given the renewed interest in the Guyana-Suriname Basin. However, in the event we are not successful in attracting a suitable joint venture partner, the Company will seek alternative financing structures in order to drill the next well and meet its work commitments in Guyana.”CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin. It has been in the basin for 18 years, and is only focused on the Guyana basin.It was founded in 1997.  The company received and or acquired a number of Petroleum Prospecting Licenses (PPL) in 1998 – The Pomeroon PPL, The Corentyne PPL, The Annex PPL (now Demerara PPL), the Berbice PPL and a 25 percent interest in Georgetown PPL.CGX currently holds an interest in three Petroleum Agreements, those being the Corentyne, Berbice and Demerara Blocks, covering approximately 3.3 million gross acres offshore and onshore Guyana.The Pomeroon PPL was voluntarily released by the company in 2012 due to border sensitivities. The Georgetown PPL expired in November 2012. Incidentally, the current Exxon Mobil PPL on which hydrocarbons have been discovered was also granted in 1999.Dr. Narine told Kaieteur News that the company is a public one and is traded as CGX Energy Inc., under the ticker symbol OYL, on the Toronto Venture Stock Exchange.He explained that this means that the company is owned by its shareholders, who change quite regularly, and its board of directors serves at the pleasure of those shareholders and is elected annually at the company’s annual general meeting. “Our shareholders are not secret, and can be determined by a simple application to the Ontario Securities Commission.  We operate under very strict reporting guidelines, set by the Toronto Stock Exchange and the Ontario Securities Commission. Being a public company allows any individual, including Guyanese nationals that meet the guidelines set out by the exchange to trade in CGX’s shares,” he said.Though it is a small company, CGX has spent approximately US$350 Million in Guyana, the largest amount of any company.Additionally, it has exceeded by 3 times, the work requirements on the Demerara Block and is looking forward to drilling the prospects identified from its recent 3D Seismic Shoot. It has also exceeded by three times its work commitments on the Berbice block.The Canadian Company has also drilled three offshore wells, Eagle, Jaguar,Cheap Jerseys, and Horsehoe. It has also drilled three onshore wells, all of which were 100 percent operated. These are the Hermitge, Albion and Yakusari.When CGX was prevented from completing the Horshoe Well due to the rig being boarded by a Surinamese gunboat, CGX footed the legal bills for the Guyana Government to appeal to the UN Law of the Sea Tribunal, to the tune of approximately US$10 Million.CGX has also invested in enabling infrastructure in Guyana because it has roots in the country. It owns and operates the only logistics oil and gas yard in the country (22 acres in Palmyra, Berbice) and has spent between US$ 10 to US$15 Million on a deep water harbour at the mouth of the Berbice River.